# CAD/USD: Loonie Rally Defying Bank of Canada Rate Cuts to Persist - Bloomberg

> The Canadian dollar was on track for its best monthly gain of 2024 and options traders expected further appreciation despite a weak Canadian economy. The Bank of Canada was poised to cut rates for a third time in 2024.

- Date: 2024-09-03 · published 2024-09-03T12:00:00.000Z
- Category: market · region Canada · magnitude low
- Page: https://feedsoft.ai/events/28563-cad-usd-loonie-rally-defying-bank-of-canada-rate-cuts-to-persist-bloomberg
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A firmer loonie reflects currency positioning and rate-cut expectations rather than commodity supply or demand. The effect on feed prices is limited.

## Read by commodity

- USDCAD: bearish ▼

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2024-09-03/loonie-rally-that-defies-bank-of-canada-rate-cuts-to-persist

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.